Are digital payments secure enough for the Indian economy to go cashless?

In my point of view,

Transforming India into a cashless economy is impossible in the present condition of our country. On Nov 8 our honourable PM Sri Narendra Modi announced that RS 500 and 1000 will no longer be a legal tender. The main intention of this move was to make India a cashless economy.

The Majority of our population lives in the rural sector. According to them, cash is the king. They work daily for the running of their lives and also they are unaware of digital payments. The first step in the process of making India a cashless economy is educating the rural population about using the internet, smart phone and transacting through this.

This possible by the active participation of responsible authorities and the govt.

They have to introduce different schemes for Making this a reality.

Next is the security problems of digital transactions. We can't ensure that digital payments is more secure than making payments by cash physically.

Even our metro cities are also becoming preys of hackers. First of all strict measures should be launched to ensure the authenticity of digital transactions and security.

Govt also launched initiatives like PMDISHA, BHIM app for making India a cashless economy. Rather than introducing these types of initiatives govt needs to ensure the security of the digital transaction.

Thank you.

Digital payment is a useful and handy tool in this fast generation, where people don't have much time to stand in the queue. It does save time and energy, getting online tickets bookings, online shopping and much more. But there are security issues related to it as well if not used sincerely. There are few technical defects as well which come in this type of transaction.

The security is limited to OTP and card numbers. The transaction details are sent to the registered mobile number and bank statements. If a person knows other persons debit card number then it becomes a bit easy for that person make online payments. No authentication or cross check is there as who is using that card number which might belong to someone else. The mobile phones also play a crucial role, if a person comes to know other person's mobile unlock password, then also it becomes quite easy. Mobile unlock password is something that is generally known to many of the close individuals. Technical issues are also there, some time payment is held, money is debited but tickets not booked.

At last, I whould conclude saying that digital payment are handy and time-saving, but it must be used sincerely and smartly. Some more security should be present so that it can have wider applications.

Yes, digital payments are secure. It is only need to be used very carefully. In rural area of India or most of the people afraid to use such type of payment mode. So government Need to aware themselves to this digitalisation.

It is a human tendency that they only take the negative points regarding anything so the maximum no. Of successful transaction from digital payments should be shown to people because as per increase of positivity, security & reliability will increase the use of digital payments.

According to me, digitalisation can be helpful to grow India economy but there are constraints that can affect common people. There are some peoples who live in rural areas have no knowledge about any digital schemes. So firstly we should aware common peoples about digitisation so that they are can make digital payments and can make India cashless.

There is one other constraint that we need to aware of it. We should use our special security tool so that it can make digitalisation more secure.

Hi everyone, According to my opinion, digital payments are secure for those who can use them in a proper manner because in our country all the people will not have the knowledge to use digital payments, these digital payments have its own merits and demerits. So, first our government have to bring awareness on people about these digital payments then people come to know the use of these digital.

Payments and participated in it, and many people in our country are living in villages they think the cashless transactions are not secure so they don't use these type of transactions. But for developing country like India it will take some time to adopt these type of cashless transactions but finally it will get success.

Indian economy becoming a cashless economy is truly a dream come true for we Indians. There is no dark cloud without a silver lining so I the case here. Transforming to a digital economy demands the need for greater cyber security measures. The common man should be made more aware of how to keep his personal information like pin code, password etc. Secure. Digital penetration into the rural areas by means of broadband connectivity & supply of the smartphones is the need of the hour. We should thus join hands to help India become cashless & thus fight evils like corruption, back money, counterfeit currencies & tax evasion.

Digitization indeed big steps towards improving the economy, but there are certain constraints. As we all know India is a developing country, where most of the transaction, are done through cash, the real fact is that Indians are not in habit of online transactions making payment online, although there is a drastic change in it, yet it is not enough, to go fully cashless. Moreover, people hesitated to change, they adhered to the old method. Lack of knowledge about digitisation, less security, illiteracy is some of the issues.

In my opinion, digitalization is much more effective but at a certain level. Actually, we are facing problems like not having more knowledge about the digital payment and they do mistake nd get cheated.

Hence if the following precautions will be considered, definitely it'll help a lot.

1. Don't share any information about your transaction if require visit nearby bank for instructions.
2. Beware from hackers activity.
3. Use heavy security protocol.
4. Get full information while transacting because it's all about money how would we go unaware.

And eventually govenment should make all learn how to go with cashless.

In conclusion, government is making our life digital, which other cuontries have already done, we should help modi to making India "incredible india".

Thanks,

Mitchell vishwa.

I think Digital payment is a good and easy way to pay money cashless I will help India economy by making awareness of this my people will join and because of they will get an idea about it.

In my point of view, digitalized payment has not been enough to Indian economy to become cashless, this is a primary level and govt want to implement more for the cashless economy. Based on digital payment everyone properly pays tax to the government because of transparent payment and then it will secure more than we can go with cash.

But the disadvantage is rural people are affected because they are illiterate people don't know about modern technology. The Government want to take some responsibility for them.